近三年“攻守兼备”主观基金经理大盘点！1家百亿私募独占3席

Core Viewpoint - The article emphasizes the importance of both returns and drawdowns in evaluating fund managers' capabilities, suggesting a comprehensive assessment over a complete market cycle is necessary for subjective fund managers [2]. Group 1: Market Overview - The A-share market has shown a pattern of "initial decline followed by a rise, with significant structural differentiation" over the past three years (February 2023 to January 2026) [2]. - From 2023 to the first three quarters of 2024, Chinese bond yields declined rapidly, leading to a bull market in dividend stocks [2]. - The "9.24" event in 2024 marked a key turning point for market style switching, with a series of financial policies implemented, allowing the Shanghai Composite Index to surpass the 3800-point mark twice [2]. - From 2025 to early 2026, the A-share market entered a "slow bull" trend, driven by breakthroughs in AI and other technology sectors [2]. Group 2: Fund Manager Performance - As of January 31, 2026, there are 107 subjective fund managers with at least three years of performance data, achieving an average return of 71.94%, outperforming the three major A-share indices, with an average dynamic drawdown of 27.76%, lower than the ChiNext and Shenzhen Composite indices [5]. - In the category of private equity funds with assets over 50 billion, there are 25 subjective fund managers, with a notable performance in drawdown control [7]. - The top subjective fund managers in the 50 billion and above category include Lu Hang from Fusheng Asset and Zou Wen from Rido Investment, with the former focusing on new consumption and traditional midstream industries [10][11]. Group 3: Fund Manager Strategies - In the 10-50 billion category, over half of the top fund managers employ stock strategies, with 67 managers achieving an average return of ***% and an average dynamic drawdown of ***% [12]. - The top managers in this category include Yang Ping from Shenzhen Shanzhe Private Equity, who specializes in bonds, and He Guojian from Guanli Fund, who focuses on futures and derivatives [14][15]. - In the 0-10 billion category, the majority of top managers utilize multi-asset strategies, with Gao Lianjun from Yize Investment leading the pack [17][19].